Paramount Received $71M Insurance Payout for ’Mission: Impossible’ COVID Delays

Paramount Pictures has disclosed that it received approximately $71 million from Swiss insurer Chubb as compensation for the COVID-19 pandemic-induced delays in the production of "Mission: Impossible -- Dead Reckoning Part One."

The seventh installment of the action-packed "Mission: Impossible" series, starring Tom Cruise, premiered in theaters in July. While the film featured exotic locations such as Abu Dhabi, Rome, and Venice, a significant portion of the production took place in studios.

According to Collider, Paramount faced substantial disruptions during production due to the global health restrictions imposed in response to the pandemic. Consequently, the studio sought compensation for its losses through its insurance policy with Chubb. The policy potentially covered up to $100 million for losses resulting from production interruptions. Chubb’s payout amounted to only $5.5 million, prompting Paramount to file a lawsuit against Chubb’s parent company, the Federal Insurance Company, in 2021.

Chubb argued that there was insufficient evidence to demonstrate that cast and crew members were unable to continue their duties despite contracting SARS-CoV-2. The lawsuit was ultimately resolved in July 2022, with the specific terms of the settlement now coming to light.

"Mission: Impossible -- Dead Reckoning Part One" was produced by Jupiter Spring Productions, one of Paramount’s subsidiaries in the UK. Recent financial records for Jupiter Spring reveal that the company received $58 million in insurance income for the year ending December 31, 2022, bringing its total payout to $71 million.